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I have prepared a short-term cryptocurrency forecast based on Elliott wave analysis of Bitcoin, Ripple, and Ethereum. I offer entry signals to trade each cryptocurrency.
The cryptocurrency pairs covered in the article should be rising, it is relevant to enter long trades.
The article covers the following subjects:
Elliott wave Bitcoin analysis
The BTCUSD continues forming a global simple zigzag, with the corrective wave [B] developing inside as a double zigzag (W)-(X)-(Y). The bearish wave (X) must have completed as a triple zigzag. Therefore, the price should be rising in the final motive wave (Y) to a level above 34700.00. Sub-wave X finished at this level earlier. One could enter buy trades in the current situation.
Trading plan for BTCUSD today:
Buy 31970.50, TP 34700.00
Elliott wave Ripple analysis
The XRPUSD market is forming a new upwave as a double zigzag W-X-Y. Sub-wave W completed as a simple zigzag [A]-[B]-[C]. The linking down wave X ended as a triple zigzag [W]-[X]-[Y]-[X]-[Z]. The Ripple price should be rising in the final motive wave Y to a level above 0.655, marked by the linking wave [X]. One could enter purchases in the current situation.
Trading plan for XRPUSD today:
Buy 0.569, TP 0.655
Elliott wave Ethereum analysis
The ETHUSD market continues forming a simple descending zigzag, with the bearish impulse wave A completed inside. There is now developing the B correction as a standard zigzag. There has completed the middle leg of the zigzag, the corrective wave [B]. Wave [B] is a triple zigzag. The price should be rising in the [C] impulse over the next few days to a level above the previous high, where the linking wave (X) finished. One could enter long trades in the current situation.
Trading plan for ETHUSD today:
Buy 1977.95, TP 2172.00
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Price chart of BTCUSD in real time mode
The content of this article reflects the author’s opinion and does not necessarily reflect the official position of LiteForex. The material published on this page is provided for informational purposes only and should not be considered as the provision of investment advice for the purposes of Directive 2004/39/EC.